American Chain Co. v. Arrow Grip Manufacturing Co.

This is an action by plaintiff to recover from defendants the sum of $34,556.74, being an unpaid balance of an indebtedness of defendant company to plaintiff for merchandise. The liability of defendants, except defendant company, is predicated upon an agreement of guaranty. Prior to 1923, defendant corporation, purchased chains from plaintiff, the general terms being bill of lading with draft attached. Evidently for the purpose of securing more favorable terms of credit, the parties entered into a tripartite agreement on May 1, 1923, in which the plaintiff is described as the manufacturer,…